Announcement of new organisation Pan Fish Group/ UK Approves Merger

The Fish Site
by The Fish Site
20 December 2006, at 12:00am

NORWAY - Pan Fish ASA has announced the new organisation of the world`s largest aquaculture company. We are pleased to announce a truly global management with extended competence in their areas.

The CEO of the new company will be Atle Eide as decided and communicated by the Pan Fish ASA board August 2006. In addition the key corporate positions will be:

Hans den Bieman is appointed as COO for the new company. Hans den Bieman is coming from the position as CEO of Marine Harvest. The main focus for the COO will be the overall operational part of the group, but it will be a shared management approach.

Steven Rafferty is appointed as CFO (finance and IT). Rafferty is coming from the position as CFO in Marine Harvest and will formally start in his new role 1 March 2007 and will until then continue in his present roles, including integration management for the new company.

The UK competition authority, the Competition Commission, has authorised Pan Fish` acquisition of Marine Harvest.

The UK Competition Commission has concluded that the acquisition is not resulting in substantial lessening of competition.

Pan Fish is pleased with this final decision, which is in line with the provisional findings that were communicated in a company disclosure to the Oslo Stock Exchange 8 November 2006.

With the approval from the UK Competition Commission, Pan Fish ASA has received authorisation from all relevant Competition Authorities. Based on this final approval, the closing of the transaction will be executed as soon as possible and the three companies Fjord Seafood, Pan Fish and Marine Harvest will be merged into one.

TheFishSite News Desk